Oof: Rubio says he’ll vote no on the tax bill unless child tax credit is expanded

By —— Bio and Archives--December 14, 2017

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Rubio says he'll vote no on the tax bill unless child tax credit is expanded
Oh for crying out loud. The guy talks a good game on a lot of things but he’s showing us more by the day that he’s fundamentally clueless about growth and markets. To think I once thought he might be a good president.


Essentially, the Rubio-Lee plan would expand the child tax credit to allow millions of families to claim the credit who pay payroll taxes even if they don’t earn enough to pay income taxes. They planned to pay for this increased credit by slightly shrinking the tax bill’s proposed cut to the corporate tax rate. Currently, the corporate tax rate is 35 percent, and the bill cuts that to 20 percent. The Rubio-Lee plan would trim that slightly, cutting it to 21 percent.

Senate leadership seems to be amenable to some expansion, but not as large a scale as Rubio wanted. The latest version of the bill increases the child tax credit to $2,000 per child, up from the current $1,000.

This is now the third time Rubio has pulled this crap, with Lee in tow.

At first they demanded the credit be increased to $1,600, and then when they got their way, they upped their demand to $2,000. Now the bill sits with the credit at $2,000 and they want more again.

Also, the conference report has already altered the corporate rate from 20 percent to 21 percent, but that was used to offset a lower top individual rate of 37 percent compared with the original 39.6 percent.

That’s pro-growth tax policy. It allows you to keep more of what you earn and incentivizes more productivity.

A child tax credit simply pays you for having kids. That’s dumb fiscal policy, dumb economic policy and dumb politics.

Rubio voted for the Senate bill with the credit at $2,000. Now he won’t vote for the conference report unless it’s bigger? And at this late date for Rubio to suddenly be holding his vote hostage to this one little pet issue . . . maybe when Donald Trump nicknamed him Little Marco, he was talking about his brain.

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